Barclays Downgrades Molson Coors Beverage (NYSE:TAP) to Underweight

Molson Coors Beverage (NYSE:TAP) was downgraded by research analysts at Barclays from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Thursday, MarketBeat reports. They presently have a $47.00 price objective on the stock, down from their prior price objective of $55.00. Barclays‘s target price would suggest a potential downside of 10.31% from the stock’s previous close.

TAP has been the topic of a number of other reports. Bank of America cut their price target on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. StockNews.com lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $60.00 to $54.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Wells Fargo & Company cut their price target on Molson Coors Beverage from $55.00 to $50.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. Finally, Piper Sandler assumed coverage on Molson Coors Beverage in a report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target on the stock. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $61.07.

Molson Coors Beverage Stock Performance

TAP stock opened at $52.40 on Thursday. The business’s 50-day moving average price is $52.41 and its two-hundred day moving average price is $59.57. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. The firm has a market cap of $11.10 billion, a PE ratio of 10.48, a P/E/G ratio of 2.04 and a beta of 0.81. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $70.90.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.21. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share. As a group, research analysts forecast that Molson Coors Beverage will post 5.67 earnings per share for the current year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors have recently bought and sold shares of the business. Czech National Bank increased its position in Molson Coors Beverage by 0.5% during the first quarter. Czech National Bank now owns 32,580 shares of the company’s stock worth $2,191,000 after buying an additional 149 shares during the last quarter. Kestra Private Wealth Services LLC increased its position in Molson Coors Beverage by 1.5% during the fourth quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company’s stock worth $709,000 after buying an additional 174 shares during the last quarter. Venturi Wealth Management LLC increased its position in Molson Coors Beverage by 46.6% during the first quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock worth $39,000 after buying an additional 186 shares during the last quarter. Linden Thomas Advisory Services LLC increased its position in Molson Coors Beverage by 1.8% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 11,607 shares of the company’s stock worth $710,000 after buying an additional 200 shares during the last quarter. Finally, Kentucky Retirement Systems increased its position in Molson Coors Beverage by 1.5% during the fourth quarter. Kentucky Retirement Systems now owns 14,815 shares of the company’s stock worth $907,000 after buying an additional 221 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

About Molson Coors Beverage

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages.